After Brexit G20 prepared to deal with Brexit economic fallout

China's city of Chengdu is hosting delegates from developed and emerging markets to discuss global economic outlook, including the impact of Brexit.

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China's city of Chengdu is hosting delegates from developed and emerging markets to discuss global economic outlook, including the impact of Brexit. play

China's city of Chengdu is hosting delegates from developed and emerging markets to discuss global economic outlook, including the impact of Brexit.

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The Group of 20 (G20) nations says it is prepared to deal with the economic fallout from Britain's vote to leaving the European Union, according to a draft statement.

“Members of the G-20 are well positioned to proactively address the potential economic and financial consequences stemming from the U.K. referendum, according to a draft communique seen by Bloomberg News. The document was being discussed by deputies on Friday ahead of a meeting of finance ministers and central bank governors and will be revised over the next two days.

The Brexit vote “adds to the uncertainty in the global economy,” according to the draft. “The global economic environment is challenging and downside risks persist, highlighted by fluctuating commodity prices, low inflation in many economies, geopolitical conflicts, terrorism and refugee flows.”

China's city of Chengdu is hosting delegates from developed and emerging markets to discuss global economic outlook, including the impact of Brexit.

G20 will also commit to refrain from competitive devaluations and exchange rate targeting for competition purposes.

“We reaffirm our previous exchange-rate commitments including that we will refrain from competitive devaluations, and we will not target our exchange rates for competitive purposes,” the draft said, according to Bloomberg news.

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